President Ranil Wickremesinghe called on the Group of 77 and China to remain united as the largest grouping of developing countries to articulate the position of the Global South, while addressing the Third South Summit of the Heads of State and Government today (21th January), in Kampala, Uganda.
President Wickremesinghe is participating at the Third South Summit at the invitation of President Yoweri Museveni, of the Republic of Uganda. The Summit is convened under the theme “Leaving No One Behind”.
President Wickeremesinghe underscored the urgent need for reform of the global financial architecture noting its disconnect from the reality for sovereign debt resolution. He pointed out that while the contemporary international debt resolution architecture is more suited for a world dominated by the Paris Club and London Club, today’s global debt is dominated by international bond markets and non-Paris Club lenders. When available financial resources are siphoned out as debt service, developing States are unable to spend on essential public services and human development measures, which in turn impact on the SDG targets, he noted.
President Wickeremesinghe, expressing concern of the failure to mitigate climate change to meet the needs of the Global South, noted that commitments made in various global fora regarding climate finance contributions have not been translated into real money.
Speaking on the rise in protectionist tendencies, with notions of de-coupling and de-risking taking hold in the global trade order, President Wickeremesinghe stressed that changes in global trade structures cannot and should not happen on a unilateral basis. He further noted that “job creation” is a major disadvantage faced by the developing economies due to technological changes that have made manufacturing skills and capital intensive with less labour absorbing.
He proposed the Group to formulate strategies to prepare Member States for: Energy transition, Digital transformation, the Green Economy and a skilled workforce for the new global economy.
The Group of 77 (G-77) was established on 15th June 1964 by seventy-seven developing countries signatories of the “Joint Declaration of the Seventy-Seven Developing Countries” issued at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva. Although the members of the G-77 have increased to 135 countries, the original name was retained due to its historic significance. As the largest coalition of developing countries in the United Nations, that accounts for 80% of the global population, the Group of 77 provides the means for the South to articulate and promote its collective economic interests and enhance its joint negotiating capacity on all major international economic issues in the United Nations system, including South-South cooperation.
Among the dignitaries who addressed the Third South Summit in Kampala were the Secretary General of the United Nations, Antonio Guterres, Heads of State and Government, Ministers and Ambassadors of over 70 states.
President Wickremesinghe is accompanied by the Minister of Foreign Affairs Ali Sabry, Secretary to the President E.M.S.B. Ekanayake, Foreign Secretary Aruni Wijewardane, Senior Advisor to the President on Climate Change Ruwan Wijewardene, High Commissioner of Sri Lanka to Kenya V. Kananathan and senior officials of the Presidential Secretariat and the Ministry of Foreign Affairs.
Ministry of Foreign Affairs
Colombo
21 January 2024
